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After the recent sharp decline, the market remained volatile and is expected to remain range-bound with a negative bias in the coming sessions as well. In fact, the range has narrowed and the support, so far, remains at 21,900, which overall suggests that if Nifty 50 decisively breaks the same support, then the selling pressure may intensify up to 21,500, while the hurdle at The upper side, in case of a rebound, could be at 22,200, experts said.
On March 15, the BSE Sensex fell 454 points to 72,643, while the Nifty 50 fell 123 points to 22,023 and formed a small-bodied bearish candlestick pattern with upper and lower shadows on the daily charts, indicating some kind of volatility, while on the weekly chart On scale, the index corrected for the first time in the last five consecutive weeks, went down 2 percent and formed a long bearish candlestick pattern that resembles the type of bearish engulfing pattern on the of weekly time.
“Nifty, as per the weekly chart, is on the verge of moving below the strong support of the 20-week EMA, around 21,915 levels. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. .
He feels that Nifty’s near-term and short-term trend remains weak. “A decisive move below 21,900 could open strong weakness to the next lower support of 21,500 levels in the near term. Immediate resistance is at 22,200 levels,” he said.
Furthermore, the Nifty again closed below the rising trend line, bringing market sentiment back to a state of weakness. The momentum indicator suggests bearish momentum in the short term. “Immediate support currently stands at 21,900, which is expected to provide support for the Nifty. A decisive fall below 21,900 could lead to a sharp decline in the index,” said Rupak De, senior technical analyst at LKP Securities.
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Key Support and Resistance Levels on Nifty
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The pivot point calculator indicates that the Nifty 50 is likely to get immediate support at 21,953, followed by 21,908 and 21,836. On the upside, the index may face resistance at 22,041, followed by 22,142 and 22,215 levels.
Ingenious bench
On March 15, the Bank Nifty bears remained in power for the sixth consecutive session, falling 196 points to 46,594 and formed the Doji candlestick pattern for one more session on the daily charts, while on the weekly scale, the index It formed a long bearish candle pattern as it declined 2.6 percent.
“The immediate resistance for the BankNifty index stands at 47,000, coinciding with the 20-day moving average (20DMA). A decisive break above this level could push the index towards the 47,500 mark,” Kunal Shah, Technical Analyst and of LKP senior derivatives. He said Values.
On the other hand, it believes that the lower end support is situated at 46,500-46,300, where the bulls are currently trying to defend. However, a break below this level may intensify selling pressure in the market, he said.
According to the pivot point calculator, Bank Nifty is expected to gain support at 46,381, followed by 46,265 and 46,077. On the upper side, the index may find resistance at 46.639, followed by 46.873 and 47.061.
Purchase option data
As per weekly options data, the maximum Call open interest was seen at 23,000 strike with 55.73 lakh contracts, which may act as a key resistance level for the Nifty in the near term. It was followed by the 22,500 strike, which had 43.42 lakh contracts, while the 22,000 strike had 42.18 lakh contracts.
Significant call drafting was seen in the 22,000 strike, which added 23.38 lakh contracts, followed by the 22,100 strike and the 22,300 strike, which added 21.96 lakh and 18.85 lakh contracts, respectively.
The maximum settlement of the call occurred in the 21,000 strike, which eliminated 1,000 contracts, followed by the 20,700 strike, which eliminated 150 contracts.
put options data
On the selling side, the 21,000 strike held the maximum open interest, which may act as a key support level for the Nifty, with contracts at 47.61 lakh. It was followed by the 22,000 strike comprising 44.65 lakh contracts and then the 21,800 strike involving 35.41 lakh contracts.
Put’s significant writing was in the 21,000 strike, which added 19.31 lakh contracts, followed by the 21,800 and 21,200 strike, which added 17.09 lakh and 12.08 lakh contracts.
The liquidation was observed in 22,200 strikes, which eliminated 5.92 lakh contracts, followed by 22,500 and 22,300 strikes, which eliminated 1.86 lakh and 1.51 lakh contracts, respectively.
Stocks with high delivery percentage
A high delivery percentage suggests that investors are showing interest in the stock. Grasim Industries, Marico, PI Industries, Godrej Consumer Products and Dabur India recorded the highest deliveries among F&O stocks.
22 Stocks See Long Accumulation
Prolonged accumulation was seen in 22 stocks including Hindustan Copper, Adani Ports & Special Economic Zone, Page Industries, HDFC AMC and Colgate Palmolive. An increase in open interest (OI) and price indicates an accumulation of long positions.
52 stocks see a long sell-off
Based on OI percentage, 52 stocks experienced a long sell-off. These include BHEL, Max Financial Services, Sun Pharmaceutical Industries, Ipca Laboratories and Cholamandalam Investment & Finance. A decline in OI and price indicates a prolonged sell-off.
69 stocks see brief accumulation
Brief recovery was seen in 69 stocks including PFC, MRF, Biocon, Apollo Tires and ICICI Bank. A rise in OI coupled with a fall in price points to an accumulation of short positions.
41 stocks see short covering
Based on OI percentage, a total of 41 stocks were on the short covering list. These included Bajaj Finance, Dixon Technologies, HDFC Life Insurance Company, IndiaMART InterMESH and Tata Consumer Products. A decrease in OI along with an increase in price is an indication of short covering.
PCR
The Nifty Put Call Index (PCR), which indicates the mood of the stock market, fell to 0.99 on March 15, from 1.12 in the previous session. Below 1 PCR indicates that the trading volume of call options is greater than that of put options, which generally suggests a gradual increase in the market’s bullish trend in the future.
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Fund Flow (Million Rupees)
FII and DII data
Foreign institutional investors (FIIs) bought net shares worth Rs 848.56 crore, while domestic institutional investors (DIIs) sold shares worth Rs 682.26 crore on March 15, provisional data from the NSE.
Stocks under F&O ban on NSE
The NSE has added Biocon and Hindustan Copper to the F&O ban list for March 18, while keeping Aditya Birla Fashion & Retail, BHEL, Manappuram Finance, National Aluminum Company, Piramal Enterprises, RBL Bank, SAIL, Tata Chemicals and Zee Entertainment Enterprises in the said list.
Prohibited securities in the F&O segment include companies where derivative contracts exceed 95 percent of the market-wide position limit.
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